Last Week in Defi - Coinbase Introduces "Based Agent",Time.Fun Migrates to Solana ,peaq Network to Launch, Kroma Airdrop Claim Live, and more..
Recap: Week of Oct 28
Launches π
Coinbase has introduced "Based Agent," a tool enabling crypto users to set up custom AI agents on the Base network in under three minutes. According to a Coinbase developer, Based Agent is a template designed for building AI-driven "bots" capable of executing specific tasks by interacting with smart contracts. Once deployed, these AI agents can integrate seamlessly with smart contracts to perform swaps, trades, staking, and even register their own Base names, offering users a highly customizable and automated on-chain experience.
Covalent's EWM Light Client Testnet is live, offering rewards for securing Ethereumβs historical data. Participants can earn 20-25% APY and gain early access to the mainnet. For more information regarding the EWM Light Client, visit here.Β
Today in DeFi is supported in part by Covalent
Skate Network has launched its Shadow Mainnet, allowing Stateless Apps to interact across multiple virtual machines (VMs) and chains. Notable developments include the Skate Hub Chain, Preconfirmation AVS, and the Polymarket Pilot on TON. During the first week, users can earn 10 Ollies for every $1 of trading volume on the US Presidential Election market.
Phi V2 has launched on mainnet with two main applications: Terminal, for creating, verifying, and curating on-chain credentials (Creds), and Mint App, which allows users to mint Cred NFTs for broader engagement on the Phi Protocol.
Solayer has introduced Solayer USD (sUSD), a synthetic stablecoin backed by real-world assets (RWA) in partnership with OpenEden Labs. With a minimum investment of $5, users can now access tokenized U.S. Treasury Bills on Solana.
Orca, a top DEX on Solana, is now available on Eclipse, allowing users to bridge assets between Solana and Eclipse for trading and liquidity provision.
Matcha has gone live on Blast, positioning itself as an all-in-one liquidity hub with zero fees, gas-free transactions, cross-chain swaps, and native yield options. Matcha X Blast NFT minting is also available.
DVX, a leading derivatives aggregator, has launched on Scroll as its first Perpetual DEX Aggregator, offering a streamlined experience that addresses trade costs, liquidity fragmentation, position management, and the need for derivatives cross-chain functionality.
Space and Time has launched SXT Chain testnet, a ZK-proven blockchain designed for AI and DeFi applications. SXT Chain combines decentralized databases, blockchain indexing, and a ZK coprocessor for trusted onchain data. The community can join testnet activities through Galxe and earn points in SXT Studio's Season 1 here.
Base has activated fault proofs on Mainnet, advancing its path to decentralization. This upgrade allows anyone to propose and challenge state claims, boosting community security.
Morph Mainnet is live, launching the Global Consumer Layer to make blockchain accessible. Morph provides builders with tools and support to create consumer-focused applications.
Bungee has launched Chain Abstracted Swaps, enabling fast, gasless token swaps across any chain with deep liquidity. Powered by Socket Protocol, this feature is available in early preview, so users are advised to exercise caution.
WalletConnect introduces WCT rewards for node operators, wallets, and SDKs, incentivizing network security and performance. Rewards are performance-based, designed to encourage sustained participation and align long-term ecosystem growth.
Movement launches V2 testnet Porto. Movement is a community-first blockchain providing the highest possible TPS through Move, instant finality, native day-zero access to mass liquidity, and modular customizations. It will support Aptos Move, Sui Move, and also our embedded EVM interpreter MEVMβempowering both Sui, Aptos, and EVM users to use the L2.
Elixir mainnet phase 1 is live. Over this phase of mainnet, the network will be stability tested with preselected institutional validators. At public mainnet, anyone will be able to participate in running a validator and eligible users will receive ELX. Elixir will shortly introduce its genesis set of validators, as well as provide details about the upcoming foundation delegation program.
Brahma Console, a user-friendly multi-sig account platform supporting multiple chains, has launched a rewards campaign where users can boost their Karma score by completing on-chain actions, earning badges, and enhancing their overall experience.
Today in DeFi is supported in part by Brahma
Updates π°
Lido has launched its Community Staking Module (CSM) on the mainnet, introducing a permissionless feature within the Staking Router that allows any Node Operator to run Ethereum validators autonomously using the Lido protocol. This presents individual stakers with a groundbreaking opportunity to support Ethereum security by significantly lowering the barrier to operating an Ethereum validator while providing potential rewards that may rival or exceed those from DeFi protocols.
Uniswap has added an in-app bridging feature to its Web and Wallet platforms, enabling users to move assets across chains directly within the Uniswap interface, eliminating the need for external bridging services.
Arena V2 has gone live, empowering users to organize events, create groups and communities, and launch memecoins through The Arena App on the App Storeβall without relying on any particular social media platform.
Aave v3.2's Liquid eModes are now live, offering expanded flexibility for suppliers and borrowers on Lidoβs market, enhancing gas efficiency and risk management options.
Today in DeFi is supported in part by ACI
Jumper Exchange has launched the Jumper Ambassador Program to promote community-driven growth. The program invites community members to apply as ambassadors, highlighting the significance of a strong community layer in Jumper's expansion.
The Arena has deployed the Arena Portal within the app, allowing users to view claimable $ARENA balances and access features such as claiming, buying, staking, and voting. However, it's important to note that the $ARENA token is not yet live; this deployment is for testing purposes only.
Magic Eden has integrated with AbstractChain, supporting the consumer chain's mainnet launch. The platform will provide a suite of services, including a launchpad and marketplace, available from day one, emphasizing its role in the Web3 ecosystem.
Swell is migrating to Optimism, integrating Swell L2 into the Superchain as an Optimistic Rollup utilizing the OP stack. This transition aligns with Ethereum's scaling solutions and will enhance Swell's capabilities as the restaking hub for the Superchain.
Vertex has introduced Stage 3 of the $VRTX Vertical Program, focusing on market maker alignment. This update includes rebates for market makers, the establishment of staking tiers, and a commitment to a liquidity-focused future.
The Stacks Nakamoto Upgrade has rolled out, significantly enhancing transaction speed and laying groundwork for sBTC, expected later this year. Following the upgrade, Stacks transactions gain Bitcoin-equivalent finality.
TALENT, now live on Base, is a token supporting verifiable reputation data. Users can enhance trust and visibility on the protocol with TALENT, which also supports protocol operations, with options for staking in a vault for up to 25% APY and additional benefits.
Lido has integrated Chainlinkβs Cross-Chain Interoperability Protocol (CCIP) to allow ETH staking across various L2 networks, streamlining multichain staking and liquidity for wstETH.
Marginly has rebranded to Levva, repositioning as a yield aggregator that maximizes vault yields by identifying top LP and lending opportunities.
Consensys, the developer behind Metamask, has announced a 20% workforce reduction due to regulatory and economic challenges.
Aerodrome has introduced a new EIGEN/WETH liquidity pool, allowing users to supply liquidity and earn AERO rewards.
Covalent has integrated with Unichain, an OP Stack Layer 2 platform by Uniswap Labs, to provide developers with easy access to Unichainβs onchain data.
This collaboration allows for efficient building of DeFi applications by simplifying data queries, enabling real-time insights, and providing a suite of developer tools.
Today in DeFi is supported by Covalent
BOB joins the Superchain as a Hybrid L2, merging Bitcoinβs security with Ethereumβs flexibility to expand BTC-based DeFi. This model enables BTC liquidity without third-party bridges and supports DeFi applications like BTC staking and BTC-backed stablecoins.
MetaMask now supports direct fund transfers from Binance and Coinbase accounts, allowing users to quickly add funds or buy crypto through exchange integration. Enabled by Mesh Connect API and Meld, this feature ensures that login credentials and wallet addresses remain private.
Kamino has launched liquidity vaults for $ezSOL and $kySOL, with deposits capped at $2 million per vault, as Solana infrastructure grows with Jitoβs latest advancements.
dYdX has officially frozen its v3 Ethereum smart contract, allowing users to withdraw the full $USDC value of their accounts, including open positions valued at oracle prices from the October 28 trading halt.
Frax Finance highlights strong APYs on Curveβs Llamalend, where users can lend stables, earn rewards with Beefy Finance, and accumulate FXTL points all in one place.
Time.Fun is migrating to Solana. Time.Fun is a NFT launchpad and trading market with the group chat feature that connects creators directly with protocol founders, investors, influencers, and different interest groups. The migration indicates the teamβs bullish take on Solana ecosystem with a larger audience base.
Moonshot, the memecoin launchpad, has expanded to Base. Moonshot enables permissionless memecoin launches which cost as low as $0.20. The platform supports automatic migration to Uniswap for any memecoin with market cap larger than 25ETH with free token info listing on Dex Screener.
Issues π¨
On October 25, an epoch change on Sui at 10:30 a.m. PT triggered a bug that delayed the distribution of staking rewards for epochs 560, 561, and 562. While network operations were unaffected, the rewards were postponed until epoch 563. The fix has since been implemented, resolving the issue with no loss of funds or rewards.
On October 26, Essence Financeβs stablecoin CHI saw a 90% plunge following the removal of approximately $20 million in collateral from its reserve pool, sparking rumors of a potential rug pull. Some argue that the incident stems from Essenceβs poor collateral management on Scroll, where most of the USDC collateral was swapped for TKN from Tokan Exchange to boost CHI staking yields. After Scroll's TGE, large holders redeemed CHI for USDC, forcing Essence to sell TKN in a thin liquidity environment, causing significant slippage and driving down the prices of both TKN and CHI, now valued at $0.0027. Essence Finance has not yet responded.
Phantom experienced an uptime issue affecting some services, but operations are now stable for most users. The team will continue to monitor the situation to prevent similar issues in the future.
Ethena Labs confirmed that no locked team or investor tokens are staked as sENA to earn Ethereal rewards. Unlocked foundation tokens are also excluded from any airdrop or rewards. A UI update will clarify sENA eligibility for future airdrops.
Upcoming β³
MemeFi, a major game on Telegram, will soon launch on Sui, backed by Sui technology and OKX Web3. With this transition, MemeFi aims to expand its suite of consumer-driven products using the Sui network.
Magic Eden will launch its TestME token on October 29, offering users a no-value token to test the token claim process and verify wallet connections ahead of the official ME token release.
peaq network, a decentralized layer-1 blockchain for DePIN and Machine RWA, has announced November 12 as its official launch date, representing a step toward real-world crypto integration.
Fluid DEX is soon to launch, introducing an innovative model for LPs through βSmart Collateral,β allowing LPs to earn both trading and lending fees by deploying collateral as AMM liquidity on the DEX. Borrowers can also earn trading fees on their debt, discounted from their borrow APR, enhancing DEX efficiency and user benefits.
The final phase of Story Protocol testnet will start on Nov 7 next Thursday. Story Network is a general purpose layer 1 blockchain optimized for handling complex data structures fast and cost-efficient. Built on top of Story Network, the Proof-of-Creativity Protocol powers Story's IP functionalities like permissionless licensing, automated royalty payments, and much more. One of most important features is The Programmable IP License (PIL), which allows onramping intellectual property to the blockchain, providing on-chain liquidity for a multi-trillion-dollar asset class.
Airdrops πͺ
Season 2 of mETH Protocol's Methamorphosis kicks off on October 30. Following Season 1, which saw mETH's TVL rise by 12.5% to $1.21 billion and a 125% increase in MNT locked on Mantle Rewards Station, Season 2 will focus on further adoption, adding new cmETH for restaking rewards, L2 integrations, and $COOK rewards.
Abstract Chain has opened minting for its Early Bird NFT, inviting users to register via email, connect wallets, and mint to join the waitlist for future rewards.
Arcium has launched quests on Layer3 Solana. A modular confidential compute network, Arcium ensures data remains encrypted during processing, preventing visibility for any actor, including Arcium.
Mode has released Season 3 of its veMODE voting rewards. Users can now vote on Mode, including projects like Betmode, to earn a share of a 500,000 MODE reward pool.
mETH Protocolβs $COOK token claims will go live on October 29, 2024, at 8 AM UTC, granting users governance rights to influence the protocol's future. Further claim details will be shared via an official blog post.
Aleo has opened its claim site for setup ceremony participants, Testnet3 provers, and Testnet Beta provers at claim.aleo.org. Eligibility is restricted to users who submitted their ETH/email and confirmed participation via tweet. Instructions are available in Aleoβs Discord under announcements.
Sonic Labs' Sonic Boom program closes for applications on November 1. Interested individuals can apply for a chance to launch their project on Sonic and earn points toward the $S airdrop, valued at approximately $130 million.
Morpho Labs announces that rewards from the last epoch (except for MORPHO on Base) are now available for claiming. Rewards earned until October 28 at 00:00:00 UTC are eligible, with any subsequent rewards claimable in the next epoch.
The Kroma airdrop claim is now live, allowing eligible users to check and claim their KRO tokens for Season 1.
Magic Edenβs TestME token is now available for claiming. This test token is solely for simulating the official ME airdrop claim process and carries no utility.
Hourglass has listed LBTCv, a Point Yield Token. Users can now leverage LBTCv at 162x to earn Lombard, Corn, and Veda Points.
Aleo has opened its airdrop claim site for all eligible participants, including those involved in the setup ceremony, Testnet3 provers, and Testnet Beta provers.
Superseed has released its tokenomics, allocating 15% of the total supply to reward usersβ on-chain activity and network involvement. An additional 20% will go to the community sale with no cliff or lockup.
Linea LXP Adventure on AlphaMind has introduced a new side quest where users can earn Linea LXP and participate in a pool of 8,000 AlphaMind Karma points by creating YouTube or TikTok videos about the Linea LXP Campaign.
Users who earned boosted SKY rewards through Sky Protocolβs Early Bird campaign can now claim them via the Sky App.
LightLinkChainβs Phase 2 claim is now live on the LightLink mainnet. Explorers with 150+ Galxe points who passed Proof of Humanity can now claim their LL tokens.
Eclipse has launched tETH, the first Unified Restaking Token, allowing users to maintain rewards exposure, diversify risk, and access unified liquidity. Created in partnership with Nucleus Earn and Hyperlane.
mETH Protocol introduces Season 2: Methamorphosis, featuring $cmETH, a new liquid restaking token that offers exposure to multiple restaking protocols and rewards in $COOK. Season 2 runs for 110 days, with incentives for users switching from $mETH to $cmETH, and a referral program to boost rewards.
Corn launches The Baby Corn Program. This designates Corn as the first
Babylon Labsβ Bitcoin Secured Network (BSN). Now with Babylon's BTC staking caps full, the program essentially make Core the only place to get Babylon points. The Baby Corn Program offers users an opportunity to earn Babylon points by committing assets to Corn-powered liquidity silos and bridging to Corn at network launch. 69,420 Babylon Points will be distributed each day thru the Baby Corn Program (45 days).
Zircuit announces airdrop to EIGEN holders and stakers. The drop rewards participants whoβve supported Ethereumβs re-staking vision. All eligible wallets receive an equal rewardβno matter the stake size.
With the start of the phase 1 of mainnet, Elixir starts the Apothecary Program that will run into and through the public mainnet launch of the network. This program will reward potions to all types of participants and contributors of the network. Over the course of the next 10 months, 750,000,000 potions will be distributed to users, the largest distribution of potions to the community yet. deUSD stakers will now begin earning liquid yield and a 2x potion boost, while Curve LPs (and others) will earn a 10x potion boost.
Aave GHO Passports are open for minting again to celebrate the upcoming events held by rAave in Bangkok. The minting will start at 1PM UTC on Nov 1 with 100 spots. Genesis GHO Passport holders get early access to the mint. And if you've minted all previous GHO Passport stamps, you'll get an exclusive "Big DeFi Energy" stamp.
WalletConnect releases details about WCT participation rewards. Rewards are performance-based. Node operators, wallets, and SDKs can earn rewards by supporting network security and performance. WCT incentives are designed to encourage sustained participation, helping the network scale while rewarding those who contribute consistently over time.
DeepBook increases the V3 testnet reward pool by 5x. 10 million DEEP tokens will be distributed to eligible participants who contributed to DeepBook's testnet Program with no lockup. Testnet participants will be able to check their eligibility and claim their tokens starting Nov 13 on DeepBook's official claim site.
6,386 BOB community members are already eligible for a share of Optimism's $OP Airdrop #5.
Gyroscope adds triple rewards to sUSDe/GYD LP both on Ethereum and Arbitrum. Liquidity providers of the pool will be able to earn 30x Ethena sats, Gyro SPIN, and Balancer rewards at the same time.
Farms π§π»βπΎ
Deposit cbBTC and borrow USDC on Base or Ethereum mainnet to earn your share of $150,000 in incentives through the Merit Program from ACI. These incentives will be distributed over three months. For more details, click here.
Today in DeFi is supported by ACI
Today in DeFi Premium includes early looks at promising projects, yield farming tips, and research to help you get the most out of DeFi.
For example, last week we published the following features for our Premium Subscribers:
USD Farm/Airdrop: Supply USD on Novel L2 for 30% APY + Airdrop Points
Airdrop: Earn Extra APY and Airdrop with ETH Options
Airdrop(Free): Complete Tasks to Earn LST Points and Airdrops
and moreβ¦
Check Out Our Free Guide & Research:
Get a subscription with a credit card below, or pay in crypto for 2 months off a yearly subscription or $20 off a quarterly subscription.
Keep reading with a 7-day free trial
Subscribe to Today in DeFi to keep reading this post and get 7 days of free access to the full post archives.